oil crises 1973

The rise in oil prices: an effect not the cause of the crisis

Since the end of 1973 western governments and economists have pointed to the rise in oil prices as their main explanation for the economic crisis and its consequences: unemployment and inflation. When companies close down, the work­ers thrown into the street are told: ‘oil is to blame’; when workers see their real wages shrink under the pressure of inflation, the mass media tells them ‘it’s because of the oil crisis’.

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